UK Households Face Rising Debts

Posted by Tom Wilkins on Tue 24th July 2007 at 06:00 AM, Filed in Credit News

With UK interests now at a lofty 5.75% the pinch is really beginning to be felt by households.

Recent research suggests that out of every pound of the average household’s income, 19p is seconded to repaying debts and interest. Ouch!!

This surpasses the previous peak of 18p seen in the third quarter of 1990, according to PricewaterhouseCoopers.

John Hawksworth, head of macroeconomics at PwC, said:

“Many households have faced a squeeze on their finances due to a combination of modest earnings growth, rising utility bills, higher petrol prices and increased debt repayment costs.”

(Via Daily Mail)

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